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Trade-led Growth

A Sound Strategy for Asia

image of Trade-led Growth
The global economic crisis triggered changes in real economies and trade in all countries, including those in Asia, which adopted the so-called export-led growth model. With these drastic changes in trade flows, and the need to counteract potential adverse effects, the old debate on the advantages and flaws of the export-led model has re-opened. It aims to provide some theoretical and empirical reasons towards an argument that for developing Asian economies, export-led growth is still a valid model of stable, equitable and sustainable growth. It also combines local research with that of established ones. While there is extensive literature focusing on the role of openness and trade in a country’s development, much of it dates to before the most recent global crisis. Volumes that were recently published argue against an export-led growth strategy, while this volume argues in defence of trade-led growth for the Asian region.

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A comparison of the ASEAN-Australia-New Zealand free trade agreement and P4 agreement

The Asia-Pacific region is home to a large and rapidly growing number of preferential trade agreements (PTAs). It is particularly notable that in the East Asia/Oceania region — a relative latecomer to the PTA competition due to its traditional preference for multilateralism through the framework of the World Trade Organization (WTO) and open regionalism through the Asia-Pacific Economic Cooperation (APEC) forum — all of the major economies are negotiating and concluding PTAs at an accelerating rate. In 2000, there were only three PTAs involving countries in the East Asian region; as of January 2008, that number had risen to 38, with another 68 under negotiation or consideration (Kawai and Wignaraja, 2009).

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